Cosmos ecosystem L1 Pryzm plans to gradually cease operations

On December 16, it was reported that Pryzm, formerly known as the Terra ecosystem project Prism Protocol and rebranded in 2024 to focus on yield optimization as a Cosmos ecosystem L1, announced that it will gradually cease operations, with plans to complete the process by January next year. Pryzm stated that the decision to discontinue operations was due to the financial unsustainability of maintaining an L1 and the risks associated with transferring the company to new management. Pryzm is requesting users to redeem their assets as soon as possible within the next two to three days.